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Michael J. Boskin is Professor of Economics at Stanford University and Senior Fellow at the Hoover Institution. He was Chairman of George H. W. Bush’s Council of Economic Advisers from 1989 to 1993, and headed the so-called Boskin Commission, a congressional advisory body that highlighted errors in official US inflation estimates.

The problem of sovereign debt and the global crisis, they are different problems. Between them is a relationship, but they have different causes. Cause of the problem of sovereign debt were laid during the formation of a single European currency. The global crisis is a systemic crisis of the world economy, a crisis turn to a new system of production. The massive infusion of funds by the ECB in the financial system is no problem will not solve the crisis. The money will be spent on speculation and not in the real economy. The system of stock markets does not perform its main function to redistribute the money in the real economy. Investment in the economy is often not enough even to maintain its existing condition. And the expansion and development does not make sense to say such a system investments. Accumulate huge corporate debts. without solving the problem of investment, without a system upgrade of the stock market, the economy will not survive. The threat of crisis, stock markets is becoming more real.
I see no real reason for the optimistic scenario. The world is moving to a new wave of the crisis. It will be qualitatively different from the previous one, its effects are systemic changes in the global economy. ( http://crisismir.com/analiticheskie-materialy/ekonomika/54-chto-god-gryadushhij-nam-gotovit-prognoz-na-2012-god-i-ne-tolko.html )

First I would be careful with the optimism regarding the general global recovery, or even a stop in sliding into further crisis, not because I am a pessimistic type, or because I wish for more trouble to come, but simply because our whole socio-economic model is built on false foundations, this constant growth, expansive, profit oriented structure is simply unsustainable today in our closed, integral, interdependent system, where all our interests overlap on multiple levels. This has been shown in multiple recent studies and through the everyday examples of the crisis.
Regarding the future of Europe, and in fact the whole global human network everything depends on how quickly we can share objective, transparent and factual information with all social layers in all nations, explaining the nature of this global, integral network we exist in.
If we all understand that whether we like it or not we exist within the same system, "sitting on the same boat", and no individual or nation can succeed unless the whole network performs optimally, just as it happens in any other interconnected IT, or electric network, or in between the cells and organs of the same body, then it will be clear that the only way forward is full integration, true, working supra-national democracy, and mutual, selfless decision making.
In fact we only need a psychological change since we already function in such network due to the economical, financial, virtual (just see social networks), cultural and even physical (mass scale immigration) globalization, we already work and serve for the society we live in, fulfilling the desires of others, since everything we "want", "desire" in fact comes from the environment around us.
As soon as the politicians and the mass media stand behind the integration instead of inciting people against each other to serve their own selfish purposes, and the global education serves the same purpose, the whole process would start and flow effortlessly, and everybody would join in willingly understanding that this is the only way we can all prosper and build a sustainable future.
Although there is no overnight fix, as soon as we turn the "boat" in the right direction we would immediately feel the benefit and the turnaround since we then start to equalize ourselves with the natural laws governing our integral system.